The captive insurance division of the Utah Insurance Department has put forward a number of changes to the captive-related administrative rule R590-238.
The main alteration is the definition of what constitutes a captive manager. The change adds a requirement that “captive insurance companies file their annual statements online, clarifies reporting requirements, extends the work paper holding period for auditors, and corrects a reference”.
Another change is that all captive insurance companies must use the "Captive Insurance Company Annual Statement Form", apart from risk retention group (RRG) insurers and special purpose financial captives, which will use the National Association of Insurance Commissioners (NAIC)’s annual and quarterly statements.
Within the filing form, Todd Kiser, Insurance Commissioner, said: “These changes should create goodwill within the industry and ultimately bring more business to Utah.
“While there have been some initial costs in programming and form development, over time the cost savings will be worth the amount invested to make the changes. The captive division will be able to perform more work with the same staff as the captive market continues to grow.”
Written comments on the proposed alterations will be accepted until September 14, 2015, however the effective date is September 21, 2015.
No hearing for the proposed changes has been scheduled.
Utah Insurance Department, National Association of Insurance Commissioners, Todd Kiser, North America